The Korea Herald

Arab observers in Syria for peace plan

World NewsDec 23, 2011

DAMASCUS (AFP) ― An Arab League advance team arrived in Syria on Thursday to launch a hard-won observer mission to oversee a plan to end nine months of bloodshed after the opposition accused regime forces of “massacring” hundreds in two days.Meanwhile, there was no let-up in the killing, with human rights activists reporting at least 21 more people killed and clashes between defectors and regular troops in flashpoints Homs and Idlib.The Arab League team “arrived in the afternoon and then left to
Turkey cuts ties with France over genocide law

World NewsDec 23, 2011

French parliament vote sparks Turkish outrage; Ankara recalls envoy, cancels meetingsANKARA (AFP) ― Turkey reacted with fury Thursday to a vote by French lawmakers to outlaw denial of the 1915 Armenian genocide, immediately cutting military ties and warning of “irreparable damage” to relations.“This is politics based on racism, discrimination and xenophobia,” thundered Prime Minister Recep Tayyip Erdogan, ordering home Ankara’s ambassador to Paris and banning political visits between the two NAT
Shell reports on oil spill in Nigeria

World BusinessDec 23, 2011

LAGOS, Nigeria (AP) ― An oil spill near the coast of Nigeria is likely the worst to hit those waters in a decade, a government official said Thursday, as slicks from the Royal Dutch Shell PLC spill approached the country’s southern shoreline.The slick from Shell’s Bonga field has affected 185 kilometers of ocean near Nigeria’s coast, Peter Idabor, who leads the National Oil Spill Detection and Response Agency, told The Associated Press. Idabor said the slick continued to move toward the shore Th
Fitch cuts Asia’s 2012 growth outlook

World BusinessDec 23, 2011

SINGAPORE (AFP) ― Global ratings agency Fitch on Friday cut its 2012 growth outlook for Asia to 6.8 percent from 7.4 percent previously, citing the weak global economy.For 2011, the region is seen growing at 7.1 percent, it said in a statement.The downgrade was also to reflect the impact of policy tightening measures in some of the region’s economies, notably China and India where taming high inflation has been a major government priority, Fitch said.It expects China’s economy, the world’s secon
Strong earthquake rattles NZ's Christchurch

World NewsDec 23, 2011

WELLINGTON, New Zealand (AP) _ A strong earthquake struck the New Zealand city of Christchurch on Friday, rattling buildings, sending goods tumbling from shelves and prompting terrified holiday shoppers to flee into the streets. There was no tsunami alert issued and the city appeared to have been sp
Wal-Mart pulls formula after baby dies in Missouri

World NewsDec 23, 2011

COLUMBIA, Mo. (AP) — Wal-Mart and health officials awaited tests Thursday on a batch of powdered infant formula that was removed from more than 3,000 stores nationwide after a Missouri newborn who consumed it apparently died from a rare infection.The source of the bacteria that caused the infe
Toyota sales may rise 20% on recovery

World BusinessDec 22, 2011

Toyota Motor Corp. said its global vehicle sales may rise 20 percent next year as Asia’s biggest carmaker recovers from production disruptions caused by Japan’s March earthquake and Thailand’s record flooding. The maker of Prius hybrid cars may sell 8.48 million vehicles worldwide next year, compared with an estimated 7.05 million in 2011, it said in a statement Thursday. The forecast excludes Toyota’s Hino Motors Ltd. and Daihatsu Motor Co. units. Toyota aims to recover market share lost this y
New Nokia phone fails to turn tide

World BusinessDec 22, 2011

Nokia’s long-awaited Windows phones may be too little, too late in the smartphone war dominated by Apple and Google, despite positive reviews by handset critics.Its first Windows model, the Lumia 800, has won little interest from consumers, with only 2 percent of Europeans in the market for a smartphone saying they would pick it, according to a survey by Exane BNP Paribas.Analysts said there was nothing particularly wrong with the sleek-looking handsets, other than a software glitch on some mode
Yahoo exploring sale of Asian holdings

World BusinessDec 22, 2011

Firm examining complex $17 billion proposal to sell most holdings in China, Japan: reportsSAN FRANCISCO (AP) ― Yahoo appears to be getting closer to giving its frustrated shareholders something they’ve long wanted: a sale of the Internet company’s holdings in China and Japan. The prospect of Yahoo Inc. finally consummating a deal with China’s Alibaba Group and Softbank Corp., the controlling owner of Yahoo Japan, emerged in online reports published Wednesday by The New York Times and The Wall St
Hungary rating slashed by S&P to junk

World BusinessDec 22, 2011

BUDAPEST (AP) ― Standard & Poor’s Ratings Services on Wednesday downgraded Hungary’s credit rating to “junk” level because of worries about proposed policy changes regarding the country’s central bank. The S&P analysts lowered their ratings on Hungary’s debt to the non-investment grade with a “Negative” outlook. That means there is at least a 1-in-3 possibility of another downgrade over the next year if Hungary’s fiscal performance deteriorates. The lower rating could mean that Hungary has more
EU chiefs wasted year not tackling crisis, IMF says

World BusinessDec 22, 2011

WASHINGTON (AFP) ― The IMF’s chief economist said Wednesday that dithering EU policy makers had wasted a year and allowed their crisis to deteriorate, leaving Europe more exposed to “schizophrenic” investors.Olivier Blanchard described 2011 as a year of missed opportunities to reverse the economic crisis in Europe.The keys to resolving the crisis remain the same, he said: extra funds available for governments under stress and real implementation of coherent and cohesive solutions.“We started 201
ECB lends banks $639 billion over 3 years

World BusinessDec 22, 2011

Massive loans to 523 banks are biggest credit infusion in euro’s historyFRANKFURT (AP) ― Struggling banks snapped up 489 billion euros ($639 billion) in cheap loans from the European Central Bank on Wednesday, a sign of just how hard or expensive it has become to borrow from each other. The huge demand for newly available three-year loans comes as fears rise that heavily indebted European governments could default and force banks and other bond holders to take big losses. The loans to 523 banks
Prince Harry says he is returning to Afghanistan

World NewsDec 22, 2011

LONDON (AP) ― Britain’s Prince Harry has said he will be deployed to Afghanistan for a second time ― almost four years after his previous secret mission was cut short when details leaked, according to a newspaper report Wednesday.The 27-year-old Harry, who is third in line to the throne, told guests at a military awards ceremony Monday night that he would likely return next year, The Sun newspaper reported.“I can’t wait to get out there,” Harry was quoted as saying.Harry served as a battlefield
5 Polish troops killed by bomb in Afghanistan

World NewsDec 22, 2011

KABUL (AP) ― A roadside bomb shattered an armored vehicle in a NATO convoy in eastern Afghanistan on Wednesday, killing five Polish soldiers ― the deadliest single attack on Poland’s military in the war-torn country.Polish spokesman Jacek Sonta said in Warsaw that the soldiers were headed to Rawza, in eastern Ghazni province, when their vehicle struck the bomb.The Taliban immediately claimed responsibility for the attack in a text message to journalists. Taliban spokesman Zabiullah Mujahid said
China and Vietnam improve strained ties

World NewsDec 22, 2011

HANOI (AFP) ― China’s vice president was ending a visit to Vietnam on Thursday, part of an effort to consolidate ties that deteriorated following recent tensions over the disputed South China Sea.Both sides said Xi Jinping’s three-day visit to Hanoi “further consolidates and promotes relations between the two parties, countries and people,” according to the Vietnamese government’s website late Wednesday.The communist neighbors have had a long-standing dispute relating to sovereignty over the Par